The moment we hear that someone is a freelancer, there is an image that pops up into our head. It is that of a person sitting relaxed on the couch looking into a laptop and a glass perched on the side table with a straw in it.
But being a freelancer goes far beyond what you see in this relaxing picture. There are many disadvantages to being a freelancer such as no assurance of earning steady income, but for the moment let us explore the advantages of working as a freelancer and why we believe they may live longer (if they get clients regularly that is):
Working when you Want
In the case of certain people, the trend of working from nine-to-five may not bring out their most efficient and productive version. These individuals usually have those hours in a day when they are most productive such as early morning or late night. Freelancing gives them the ability to accommodate their work schedule in their most productive hours.
It also gives them the flexibility to do the things that they really like to do. An old friend back in town? You are allowed to go for a quick bite. Have a dental or medical appointment? You can schedule it whenever you like.
Work where you Want
When working as a freelancer you can work where you get inspiration from. You are no longer restricted to a table and chair. You can lie flat on your back or sit half up-right, as long as the work is being done and nobody is watching, nobody will really care.
But even if these lazy professionals decide to step out of their homes, they do not have to go to places lit by fluorescent lights, they can sit at a coffee shop, in the park, the library or even the bar. For the slightly more adventurous they can go travelling to whichever place they like as long as they get the resources necessary to get the work done.
A major reason why many employees decide to quit their jobs is because they don’t like to work under an authority. Some of these employees go on to find a company while the rest become freelancers.
It gives them the freedom to choose their own work, live life on their own terms and build a career exactly how they would like it to be. There can be times when you may have to work on projects that do not intrigue you much, especially when you are low on income but except for those times you’re in a better position to make choices.
Greater Potential to Earn
It is an accepted fact that the amount which you are being paid as an employee the company earns at least twenty to thirty times more from a single client. Freelancers on the other hand have a fair clue of what their work is worth and walk home (if they are outside) with greater profits in their pocket. Unlike jobs where the higher limit for your earnings is already set, freelancing gives them the opportunity to find more clients, land new jobs and give their income a great boost.
You can deduct a lot more expenses as a freelancer which are generally not available to employees working with an organisation. Few examples of deductions that you can make include things like travel expenses, costs associated with your home office, your internet access, costs related to meals and entertainment and any other legitimate and reasonable costs that you could be incurring as a self-employed individual.
You can take advantage of several tax sheltering investments as well to get more tax exemption. You can also consult with a financial planner or tax expert to learn of the ways in which you can save further tax.
Expansion of Skill Set
As an employee there are limited responsibilities on your head. You are confined to your role and there is little possibility to get greater exposure. As a freelancer you may find that you are investing more time in activities which generally business professionals take part in. You will be responsible for much of the administrative work and it certainly qualifies as expansion of your skill set.
Whether you are a freelancer, an employee or a business professional, it is crucial that you take the necessary precautions to secure your future which may include finding out about how to make a Will and making good investments.